Things to know before getting a Vehicle Title Loan

 

It’s a very popular trend to borrow a vehicle using a Vehicle Title Loan. But before you go out and make that purchase, there are some things you should know. This post will cover the basics of Vehicle Title Loans, including what is covered by the loan, how long it takes to pay back the loan, and whether or not it’s worth it for you to take one out.

 What’s covered under a Vehicle Title Loan?

A Vehicle Title Loan has a variety of costs associated with it, and it may not be right for everyone. However, in order to fully understand the pros and cons of these types of loans, you must first know the primary purpose and benefits of vehicle title loans.

A vehicle title loan is usually used to cover certain expenses that have taken place on a car.

In some cases, it is used to cover costs incurred from a car accident or repair that was not part of the original price of the vehicle. Other situations require the use of a Vehicle Title Loan in order to cover the purchase of a vehicle.

 

For example, if you were in an accident and your old car was totaled, you may need to purchase a newer model right away. If this is the case, then you can take out a VehicleTitle Loan to pay for that new vehicle.

Then, once payment has been made on that title loan, all ownership rights will be completely transferred over to you. This means that all legal ownership rights will belong exclusively to one person rather than two people (the lender and yourself).

This means that all legal ownership rights will belong exclusively to one person rather than two people (the lender and yourself).

vehicle title loan

What is the eligibility process?

In order to take out a Vehicle Title Loan, you must meet the following criteria:

  • You must be at least 18 years old.
  • You must have good credit
  • You must be a Canadian Citizen Or permanent resident,
  • You either cannot have had a vehicle repossessed within the past 12 months

You cannot have a cosigner or joint account involved in the loan.

  1. The following reasons will also cause you to be denied:
  2. You have a very high amount of outstanding debt and.
  3. You do not qualify for a credit union or auto club loan and you have less than 3 months until a car title loan is due.

After filling out our application form, the lender must conduct a background check and determine whether you will qualify to take out this type of loan.

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